Tue, May 14, 9:00 PM (303 days ago)
Guerrilla RF, Inc. reported a significant improvement in its financial performance for Q1 2024 compared to Q1 2023. Revenues increased by 58% to $5.1 million, driven primarily by higher demand for wireless infrastructure products and increased sales to both new and existing customers. Gross profit rose by 76% to $3.2 million, with a gross margin improvement from 56.6% to 62.8%, attributed to a favorable product mix. Operating expenses decreased by 10% to $5.0 million due to reductions in wages and benefits. Consequently, the operating loss narrowed to $1.8 million from $3.7 million. The net loss per share improved to $0.42 from $0.62. The company raised $3 million in net cash proceeds through a private placement and extended the maturity date of its $12 million Salem Loan Facility to January 2026, addressing liquidity concerns. The company projects its existing cash reserves will support operations through fiscal 2024 and beyond, though it acknowledges potential risks requiring additional funding.